Finova has launched what it claims is the UK's first 'whole-of-market' AI-powered mortgage application service, aiming to cut administration for brokers by automatically completing applications across lender portals from a single set of customer information.

The company said brokers currently spend around 30 minutes re-keying data for each mortgage application.

With brokers submitting more than 30 decisions in principles (DIPs) a month on average, Finova estimates the technology could save the UK mortgage broking industry more than 4,000 working days every month if widely adopted.

The AI agent pulls information from a broker's CRM and fact find, logs into lender portals, completes application fields, requests any missing information in real time and returns the completed application for the broker's final review and submission, with advisers retaining full control throughout the process.

Gareth Richardson, CEO of Finova, said: "For too long, mortgage brokers have been burdened with repetitive administration, re-keying the same customer information across multiple lender portals instead of spending that time advising clients. Our new AI broker agent removes unnecessary administration while ensuring brokers remain firmly in control of every application."

He added: "This is more than another technology enhancement - it represents a step change in how mortgage applications are completed across the UK market. By removing repetitive administration, we're enabling brokers to focus on what really matters, providing expert advice, building stronger customer relationships and delivering a faster, smoother mortgage experience."

The service is open for registration ahead of a beta launch in September.

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